German engineering and services group Bilfinger has successfully sold its water technologies division to Chinese-based Chengdu Techcent Environment Group.
Negotiations between the two companies was announced in February this year.
As a result of the sale, the Bilfinger will receive €200 million as additional liquidity in the first quarter of 2016.
Per Utnegaard, CEO of Bilfinger, said, “With the sale of the water division, we continue to consistently apply our strategy of greater focus.
“We are concentrating on core businesses, core industries and core regions.”
The water technologies division employed around 1,600 people, and generated an output of around €300 million in 2015.